What does 'networking' refer to in a global business context?

In a global business context, networking refers to nurturing relationships with stakeholders across borders. This involves building and maintaining connections with various individuals, organizations, and entities that can influence or support business activities on an international scale. Effective networking facilitates collaboration, information sharing, and access to resources that can enhance a company's competitiveness in foreign markets.

Establishing a strong network allows businesses to tap into local knowledge, gain insights into cultural nuances, and identify potential partners or customers globally. These relationships often prove essential for successful market entry, navigating legal and regulatory environments, and fostering innovation through diverse perspectives.

The other choices illustrate narrower concepts. Making transactions only with local companies limits the scope of networking to domestic relationships, which does not capture the essence of global business interactions. Working independently without partnerships disregards the collaborative nature that networking embodies, which is crucial for success in a interconnected global market. Lastly, focusing on online interactions only restricts the definition of networking to a digital realm, overlooking the importance of in-person relationships and engagements that are vital in many cultures and industries around the world.